State Cracks Down on Falmouth-Based Mortgage Lender

May 15, 2013
Boston Herald  
mortgage lending news

Massachusetts regulators confirmed that they have directed Falmouth-based Mortgage Security Inc. to immediately halt lending and servicing to customers in the state. The action comes after consumers complained that the firm did not properly remit escrow money and that homeowners subsequently incurred late fees and penalties for the unpaid property tax and insurance payments. The state Division of Banks, along with the state Office of Consumer Affairs and Business Regulation, handed down the cease-and-desist order.
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